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Expand chart
Data: Investing.com; Chart: Axios Visuals

The dollar rose to its highest level in five weeks against the Japanese yen on Thursday, as currency markets also took their cue from seemingly reduced tensions between the U.S. and China.

The state of play: The yen's value against the dollar has declined along with gold, bond prices, and other safe havens this week as the world's two largest economies look poised to roll back tariffs and de-escalate the trade war.

What they're saying: "[F]or now the latest headlines suggest progress towards a meaningful agreement, which is enough to boost risk appetite," Kathy Lien, managing director of FX strategy at BK Asset Management, says in a note to clients.

What to watch: Lien points out that "the restrained rally" in currencies like the Australian and New Zealand dollars that typically perform well when investors favor risky assets, "reflect the market's cautiousness in this headline driven market."

  • "Barring any fresh news that could cast doubt on progress towards a deal, [the dollar] could extend its gains to 110 [yen per dollar]."

Go deeper:

Go deeper

"Atmospheric river" swings Northern California from drought to flood

Satellite view of the bomb cyclone swirling off the coast of the Pacific Northwest and the atmospheric river affecting California on Oct. 24. (CIRA/RAMMB)

A series of powerful "atmospheric river" storms are delivering historic amounts of rainfall across parts of drought-stricken California and the Pacific Northwest this weekend, forecasters warn.

Why it matters: The strong atmospheric river, packing large amounts of moisture, is causing Northern California to whiplash from drought to flood.

Mike Allen, author of AM
7 hours ago - Politics & Policy

Fauci fires back at Rand Paul for slam on tonight's "Axios on HBO"

Responding to charges by Sen. Rand Paul on Sunday's "Axios on HBO," NIAID director Anthony Fauci told "ABC This Week" that it's "molecularly impossible" for U.S.-funded bat virus research in China to have produced COVID-19.

Why it matters: The issue 0f Wuhan research was reignited on the right last week with a National Institutes of Health letter to Congress disclosing more about the research.

Manchin, Schumer huddle with Biden in Delaware to discuss spending bill

Senate Majority Leader Chuck Schumer (left) and Sen. Joe Manchin at the U.S. Capitol in 2014. Photo: Win McNamee/Getty Images

Sen. Joe Manchin (D-W.Va.) will meet with President Biden and Senate Majority Leader Charles Schumer (D-N.Y.) on Sunday morning in Delaware as Democrats look to reach an agreement on the massive spending measure.

Driving the news: Democrats are still negotiating what to keep in the bill and how to pay for it, with Biden saying on Thursday that the party does not have the votes to raise the corporate tax rate.

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